Technology Archive

The adoption of new technology is no longer a choice but a necessity for staying competitive in business. Despite the undeniable benefits these advancements bring, getting customers comfortable with change remains a significant challenge. Why it matters: The key to shifting customers’ mindset to embrace change lies in trust and clear communication when undergoing any user-faced automation transformations. Several financial institutions, both large and small, have undergone digital transformations in recent years, notably incorporating AI to simplify everyday functions. This widespread…

The role of credit professionals in modern organizations is multifaceted and challenging, with numerous responsibilities and pressures. The evolution of technology, from computers to artificial intelligence, has transformed the credit management field, improved productivity and eliminated repetitive tasks. However, for some credit departments, technology has become a burden.

Artificial intelligence (AI), a machine’s ability to perform the cognitive functions we associate with the human mind, is being used to facilitate processes and improve efficiency in business. As different forms of AI gain popularity in the finance sector, credit professionals must become experts on how AI can support their role and simplify workflow. Why it matters: Even if your company isn’t utilizing AI, it’s critical to establish credit policies to safeguard against risk.

Automation can help streamline repetitive tasks, reduce errors and ensure timely responses, improving overall credit management. A recent eNews poll brought light to the fact that 65% of credit professionals do not leverage automation for their credit and collections processes. Surprisingly, of the 35% who do, only 21% are satisfied with their automation or technology vendors, leaving room for opportunity for improvement.

In an era defined by the rapid evolution of artificial intelligence (AI), the profound impact of AI has become increasingly evident. Transformative AI technologies such as OpenAI’s ChatGPT have reshaped the business landscape by boosting productivity at the workplace. The use of generative AI in finance is expected to increase global GDP by 7%—nearly $7 trillion—and boost productivity growth by 1.5%, according to Goldman Sachs Research. AI has the potential to increase financial services revenues by 34% and economic growth by 26%, according to a report from Gitnux. Chatbots are also gaining…

Customer payment portals have become a seemingly permanent aspect of B2B trade with the growth of the internet and technology. These portals, such as Ariba or System Applications and Products in Data Processing (SAP), make it easier for the customer but often more difficult for the credit department.

In the rapidly evolving landscape of artificial intelligence, ChatGPT stands as a pioneering and transformative force. Developed by OpenAI, this state-of-the-art conversational AI system has ushered in a new era of human-machine interaction. With its remarkable capacity to comprehend and generate natural language text seamlessly, ChatGPT has emerged as a game-changer across various industries. This article delves into the fascinating world of ChatGPT, exploring its capabilities, applications, and the profound impact it is having on our daily lives.

The practice of customer pushback on the payment terms offer by their vendors is forcing the hand of creditors. If they accept the longer terms demanded by the customer, it will be extremely difficult to return the terms to the previous level. If creditors deny the longer terms, they run the risk of losing their customer.